Gyeongsangbuk-do Real Estate in 2024: Key Trends in Rising and Declining Prices with Future Insights

Gyeongsangbuk-do Real Estate in 2024: Key Trends in Rising and Declining Prices with Future Insights

※ Gyeongsangbuk-do, a region rich in history and industrial development, displayed a diverse real estate landscape in 2024. Some areas saw significant increases in property values due to economic growth and urbanization, while others experienced declines due to rural depopulation and lack of development. This article explores the areas with the largest price increases and decreases in Gyeongsangbuk-do during 2024 and provides predictions for future real estate trends in 2025. 😅

 

Top Areas with Price Increases in 2024

1. Pohang-si
   As a major steel industry hub, Pohang experienced a resurgence in property prices due to increased industrial activity and the development of modern residential areas. Improved infrastructure projects, including the Pohang Airport expansion, also contributed to rising demand.
2. Gumi-si
   Gumi’s status as a center for South Korea’s electronics and manufacturing industries drove up real estate prices. Urban renewal projects and an influx of young professionals added to the city’s appeal.
3. Gyeongju-si
   Known for its historical and cultural significance, Gyeongju saw rising property values, particularly in areas with tourism potential. Luxury residential projects catering to investors seeking scenic and cultural experiences also fueled growth.
4. Yeongcheon-si
   Yeongcheon benefitted from its strategic location along major transport routes and ongoing industrial developments, making it an attractive choice for investors and families.

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Top Areas with Price Declines in 2024

1. Cheongsong-gun
   Despite its natural beauty and status as a UNESCO Global Geopark, Cheongsong experienced declining property prices due to limited urban development and a shrinking population.
2. Yeongyang-gun
   Known for its agricultural heritage, Yeongyang struggled with low demand for real estate as younger residents moved to urban centers.
3. Bonghwa-gun
   Bonghwa faced similar challenges, with a lack of industrial or infrastructure growth leading to declining property values in its rural communities.
4. Uljin-gun
   While Uljin is recognized for its coastal attractions and nuclear energy facilities, areas outside of key development zones saw real estate stagnation.

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Key Drivers of Real Estate Trends in Gyeongsangbuk-do

1. Industrial Strength:
   Cities like Pohang and Gumi benefited from thriving industrial bases, which attracted workers and spurred housing demand.
2. Cultural and Tourism Appeal:
   Gyeongju, a city renowned for its heritage, saw increased property demand in areas tied to tourism and luxury living.
3. Rural Depopulation:
   Regions like Cheongsong and Yeongyang struggled with population declines, highlighting the challenges faced by rural areas.
4. Infrastructure Improvements:
   Urban centers with enhanced transportation and infrastructure projects, such as Yeongcheon, experienced price growth, while areas without these investments saw declines.

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Future Predictions for Gyeongsangbuk-do Real Estate in 2025

1. Sustained Growth in Urban and Industrial Areas:
   Pohang and Gumi are expected to remain strong performers as industrial growth continues to drive demand for housing and commercial properties.
2. Heritage Tourism Boost:
   Gyeongju’s appeal as a cultural destination is likely to grow further, potentially increasing the value of residential and commercial properties near key historical sites.
3. Potential Rural Revitalization:
   If government policies incentivize tourism or eco-friendly development, areas like Cheongsong and Yeongyang could see gradual recovery in property demand.
4. Infrastructure as a Catalyst:
   Cities with ongoing transport and urban development projects, such as Yeongcheon, are likely to experience steady real estate value appreciation.

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Final Thoughts

Gyeongsangbuk-do’s real estate market in 2024 reflects the dichotomy of thriving urban centers and struggling rural areas. As we move into 2025, the region’s ability to leverage its industrial strengths, cultural heritage, and infrastructure development will be crucial in shaping its real estate future. Investors and residents alike should keep an eye on policies and projects aimed at bridging the urban-rural divide to unlock the full potential of Gyeongsangbuk-do’s property market.